Friday, May 20, 2022

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Tesla Accepts Dogecoin Payments for its Merch, DOGE Rallies

Electric vehicle maker Tesla is experimenting with Dogecoin (DOGE) payments, opening up a range of products to users of the cryptocurrency.

Market reaction to Tesla’s entry into DOGE has been positive. DOGE is up 12% in one day and is the second best performer among the top 100 cryptoassets by market cap. Ranked 11th by this measurement, the token is trading at $0.19 as of 08:35 UTC and is also up 20% in a week. Trading volume increased four-fold, surpassing $4 billion in the past 24 hours, according to Coingecko data.

A new section on the company’s website states that dogecoin can be used to purchase merchandise from the Tesla Shop, making it the only cryptocurrency Tesla’s customers are enabled to use to place an order with the vehicle producer.

“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser,” the company said.

Also, under Tesla’s policy, all dogecoin purchases are final.

“Items purchased with Dogecoin cannot be returned, exchanged or canceled. Items purchased with Dogecoin cannot be returned or exchanged for cash,” they said. However, if “the incorrect amount of Dogecoin is transferred, your order may be subject to cancellation.”

Bitcoin (BTC) users may recall Tesla’s short-lived adventure of accepting payments in the top cryptocurrency. The initial move sparked a surge in bitcoin price, but when Tesla decided to suspend vehicle purchases using BTC last May and announced it was looking at other crypto assets, the maker moved the entire crypto market, causing a sharp sell-off and massive liquidations the entire cryptosphere.

That said, Musk also hinted that BTC payment functionality could be revived if the crypto mining process becomes more environmentally friendly in the future.

The TBN team is a well establish group of technology industry professionals with backgrounds in IT Systems, Business Communications and Journalism.

Editorial Team
Editorial Team
The TBN team is a well establish group of technology industry professionals with backgrounds in IT Systems, Business Communications and Journalism.

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